MiCA Impersonation Scams Surge as 1,700 Firms Face Compliance Deadline

EU regulators warn of rising impersonation scams targeting users of unlicensed crypto firms. Only 323 entities hold MiCA licenses, leaving over 1,700 facing operational cessation or relocation.

Woofun AI reports that multiple EU regulatory authorities have identified a rise in impersonation scams following the activation of MiCA licensing rules. Criminals are posing as financial regulators and crypto firms to target customers of service providers that failed to secure EU licenses, using fake websites and forged documents to lure victims into transferring assets.

Stéphane Pontoizeau of France's AMF stated that scammers have impersonated AMF representatives to guide users toward fraudulent websites. ESMA noted the abuse of its identity and logo, including the use of forged documents. Since July 1, firms have been required to obtain authorization under MiCA; those without approval must wind down or relocate. An ESMA list updated at the end of July shows only 323 crypto firms received licenses, while VASPnet estimated more than 1,700 unlicensed firms would need to cease operations.